Fundamentals of accounting in Georgia. Secrets of a successful business

For foreign entrepreneurs in Georgia it is important to properly build accounting work. This will affect not only the development of business in Georgia, but also the correctness of reporting to the tax authorities of the country.

A business owner in Georgia has the right to hire an experienced accountant from among local residents who understands Georgian legislation, but he must also have an idea of the necessary accounting operations.

In this article we will talk about how to competently conduct accounting for owners of their own business in Georgia.

Why do foreign companies need accounting in Georgia

Doing business in Georgia is as transparent as possible, so reports and statistics are kept in electronic form. The entrepreneur fills in accounting data, displays banking transactions, income and expenses of the company. On this basis, tax and financial statements are formed.

Both an employee and the owner of the company can keep records. An important point is that the sites for providing such reporting work in Georgian. To fill in the data correctly, you need to know the Georgian language perfectly.

Having filled out the company's accounting reports correctly, the owner will receive the following types of declarations:

• about the company's profit;
• income tax;
• property;
• about VAT;
• pension;
• about foreign economic activity.

Features of filing declarations in Georgia for foreign companies

All declarations are submitted through the taxpayer's personal account. The owner gets access to it after the registration of the company in the House of Justice of Georgia. To do this, you need to contact the Tax Service with the available documents. The first visit is mandatory, the rest of the interaction will take place remotely.

The use of cloud data storage on specialized sites greatly facilitates the work. This approach allows you to monitor financial transactions and provide reports from anywhere in the world.

In case of failure to submit reports, or in case of violation of the deadlines for filing declarations, sanctions in the form of fines are imposed. The amount of the fine is 50 lari for the delay of one declaration. If errors are detected, their correction is allowed during the reporting period.